Northstar Neuroscience greenshoe exercised, raising IPO to $122.475 million

New York, May 10 - Northstar Neuroscience, Inc.'s initial public offering of common stock was increased to $122.475 million after the underwriters exercised the 1.065 million share greenshoe in full.

The transaction is now made up of 8.165 million shares at $15.00 per share.

Northstar originally priced 7.1 million shares after the market closed on May 4 for a size of $106.5 million. The deal was upsized at pricing from 6 million shares.

Citigroup Global Markets Inc. and Cowen & Co., LLC were joint bookrunners for the deal. Co-managers were First Albany Capital Inc. and Leerink Swann & Co., Inc.

Northstar will use proceeds for clinical trials, to build sales and marketing capabilities, for working capital and for other general corporate purposes.

The company focuses on neurostimulation therapies for a broad range of neurological diseases and disorders.

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